June 2008/2

New York attorney general Andrew Cuomo has reached an agreement with three major rating agencies that promises to overhaul the way they collect fees and to improve their process for rating mortgage-backed securities.

Bermudian reinsurer PartnerRe has announced a number of senior management changes in its global (non-US) operations.

Ariel Re's Lloyd's insurer Atrium has appointed Scott Moser - one of the architects of the Equitas transaction with Berkshire Hathaway - as a non-executive director.

Brit Insurance Ltd (BIL) has received a "negative" outlook on its insurance financial strength (IFS) rating by Fitch Ratings, following concerns over its regional UK expansion.

American International Group (AIG) has been ordered to give its former CEO and chairman, Maurice “Hank” Greenberg, access to company documents by the New York Court of Appeals.

Swiss reinsurer Glacier Re has successfully launched its $180mn Nelson Re 2008-I bond, a move predicted by Trading Risk last month.

Insurers are not expecting to face a significant payout from the blaze that caused damage to the Californian theme park and studio lot of Universal Studios at the start of the month.

Two major UK insurers have revealed job cuts that could total almost 3,000 staff as they face up to "difficult times" and changes in the way business is placed.

Shares in American International Group Inc (AIG) fell 7 percent to close at $33.93 Friday after it emerged the company is being investigated by the Securities and Exchange Commission (SEC) over its valuation of contracts linked to sub-prime mortgages.

Hedge fund giant Man Group has acquired a 25 percent stake in Bermudian investment manager Nephila Capital for $50mn.

Arthur J Gallagher International’s new joint venture onshore/offshore "boutique" energy subsidiary has begun trading as Alesco Risk Management Services, as predicted by The Insurance Insider.

Amlin Plc's star head of underwriting, Tony Holt has resumed work at the Lloyd's insurer following a temporary leave of absence for medical treatment, the group has announced.